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1043 - Disclosure - Retirement Plans (Tables)
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Table(Implied)
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Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Additional Information about AEPF Multi-Employer Pension Plan

The following table provides additional information about the AEPF multi-employer pension plan.

 

Plan name

    Alaska Electrical Pension Plan  

Employer Identification Number

    92-6005171    

Pension plan number

    001    

Pension Protection Act zone status at the plan’s year-end:

   

December 31, 2016

    Green    

December 31, 2015

    Green    

Plan subject to funding improvement plan

    No    

Plan subject to rehabilitation plan

    No    

Employer subject to contribution surcharge

    No    
          Greater than 5%  
          of Total  
          Contributions  
          to the Plan  

Company contributions to the plan for the year ended:

   

December 31, 2016

  $ 7,517       Yes  

December 31, 2015

  $ 7,968       Yes  

December 31, 2014

  $ 8,626       Yes  

Name and expiration date of collective bargaining agreements requiring contributions to the plan:

 

Collective Bargaining Agreement Between Alaska Communications Systems and Local Union 1547 IBEW (1)

    December 31, 2016  

Outside Agreement Alaska Electrical Construction between Local Union 1547 IBEW and Alaska Chapter National Electrical Contractors Association Inc.

    September 30, 2017  

Inside Agreement Alaska Electrical Construction between Local Union 1547 IBEW and Alaska Chapter National Electrical Contractors Association Inc.

    October 31, 2019  

Special Agreement Providing for the Coverage of Certain Non-bargaining Unit Employees (2)

    December 31, 2016  

 

(1)  As of the date of this report, negotiations for a new agreement are in process. The parties are operating under the terms of the prior agreement until a new contract is in place.
(2)  This agreement runs concurrently with the Collective Bargaining Agreement Between Alaska Communications Systems Holding, Inc. and Local Union 1547 IBEW. As of the date of this report, the parties are operating under the terms of the prior agreement until a new contract is in place.
 
 
Funded Status of ACS Retirement Plan Using Beginning and Ending Balances for Projected Benefit Obligation and Plan Assets

The following is a calculation of the funded status of the ACS Retirement Plan using beginning and ending balances for 2016 and 2015 for the projected benefit obligation and the plan assets:

 

     2016      2015  

Change in benefit obligation:

     

Benefit obligation at beginning of year

   $ 16,094      $ 17,234  

Interest cost

     668        666  

Actuarial loss (gain)

     55        (754

Benefits paid

     (1,035      (1,052
  

 

 

    

 

 

 

Benefit obligation at end of year

     15,782        16,094  
  

 

 

    

 

 

 

Change in plan assets:

     

Fair value of plan assets at beginning of year

     11,202        11,570  

Actual return on plan assets

     428        (95

Employer contribution

     798        779  

Benefits paid

     (1,035      (1,052
  

 

 

    

 

 

 

Fair value of plan assets at end of year

     11,393        11,202  
  

 

 

    

 

 

 

Funded status

   $ (4,389    $ (4,892
  

 

 

    

 

 

 
 
 
Summary of Net Periodic Pension Expense for ACS Retirement Plan

The following table presents the net periodic pension expense for the Plan for 2016, 2015 and 2014:

 

     2016      2015      2014  

Interest cost

   $ 668      $ 666      $ 664  

Expected return on plan assets

     (373      (659      (749

Amortization of loss

     367        929        536  
  

 

 

    

 

 

    

 

 

 

Net periodic pension expense

   $ 662      $ 936      $ 451  
  

 

 

    

 

 

    

 

 

 
 
 
Loss Recognized As Component of Accumulated Other Comprehensive Loss
     2016      2015  

Loss recognized as a component of accumulated other comprehensive loss:

   $ 4,881      $ 5,249  
 
 
Assumptions Used to Account for Plan

The assumptions used to account for the Plan as of December 31, 2016 and 2015 are as follows:

 

     2016     2015  

Discount rate for benefit obligation

     4.10     4.30

Discount rate for pension expense

     4.30     3.97

Expected long-term rate of return on assets

     6.53     6.53

Rate of compensation increase

     0.00     0.00
 
 
Asset Allocation Guidelines for Plan

Based on risk and return history for capital markets along with asset allocation risk and return projections, the following asset allocation guidelines were developed for the Plan:

 

     Minimum     Maximum  

Asset Category

    

Equity securities

     50     80

Fixed income

     20     50

Cash equivalents

     0     5
 
 
Plan's Asset Allocations by Asset Category

The Plan’s asset allocations at December 31, 2016 and 2015 by asset category are as follows:

 

     2016     2015  

Asset Category

    

Equity securities*

     66     64

Debt securities*

     32     34

Other/Cash

     2     2

 

* May include mutual funds comprised of both stocks and bonds.
 
 
Schedule of Measuring Fair Value of Plan Assets Regarding ACS Retirement Plan

The following table presents major categories of plan assets as of December 31, 2016, and inputs and valuation techniques used to measure the fair value of plan assets regarding the ACS Retirement Plan:

 

     Fair Value Measurement at Reporting Date Using  
     Total      Quoted Prices
in Active
Markets for
Identical
Assets

Level 1
     Significant
Other
Observable
Inputs
Level 2
     Significant
Unobservable
Inputs
Level 3
 

Asset Category

           

Money market/cash

   $ 211      $ 211      $ —        $ —    

Equity securities (Investment Funds)*

 

        

International growth

     1,594        1,594        —          —    

U.S. small cap

     1,607        1,607        —          —    

U.S. medium cap

     1,489        1,489        —          —    

U.S. large cap

     2,832        2,832        —          —    

Debt securities (Investment Funds)*

 

        

Certificate of deposits

     1,847        1,847        —          —    

Fixed income

     1,813        1,813        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 11,393      $ 11,393      $ —        $ —    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* May include mutual funds comprised of both stocks and bonds.
 
 
Summary of Benefits Expected to be Paid for Plan

The benefits expected to be paid in each of the next five years and in the aggregate for the five fiscal years thereafter are as follows:

 

2017    $ 1,084  
2018    $ 1,097  
2019    $ 1,085  
2020    $ 1,089  
2021    $ 1,093  
2022-2026    $ 5,264